LGIM Real Assets (Legal & General) has acquired the Kingsditch Trade Park in Cheltenham for £20.5 mln (€ 23.2 mln), reflecting a net initial yield of 5.30%.
The property, bought on behalf of Legal & General’s Industrial Property Investment Fund (IPIF), was bought from M&G Real Estate.
The asset consists of 28 industrial units amounting to 12,800 m2. It is located in a 32,300 m2 site.
‘As existing owners of the adjoining site, our dedicated trade team will be able to move asset management initiatives forward and tie the two assets together to create the premier trade location in Cheltenham’, commented Tim Packer, assistant fund manager of IPIF at LGIM Real Assets.
The property is currently let to 24 different tenants with a 6.5 years lease term.
In this transaction IPIF was represented by Acre Capital Real Estate, while M&G Real Estate was advised by Lewis Ellis.